Fermi (NASDAQ:FRMI) Stock Falls 3.8% on Insider Selling

Fermi Inc. (NASDAQ:FRMI) shares were down 3.8% on Friday after an insider sold shares in the company. The company traded as low as $2.53 and last traded at $2.55. 16,990,398 shares were traded during mid-day trading, an increase of 7% from the average session volume of 15,874,263 shares. The stock had previously closed at $2.65.

Specifically, major shareholder Toby Neugebauer sold 420,749 shares of Fermi stock in a transaction dated Tuesday, October 20th. The shares were sold at an average price of $3.04, for a total transaction of $1,279,076.96. Following the sale, the insider owned 91,188,910 shares of the company’s stock, valued at approximately $277,214,286.40. The trade was a 0.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Wall Street Analyst Weigh In

A number of research firms have weighed in on FRMI. Cantor Fitzgerald reduced their target price on Fermi from $12.00 to $8.00 and set an “overweight” rating on the stock in a report on Friday, October 16th. Weiss Ratings cut Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, August 14th. Finally, Mizuho decreased their price objective on Fermi from $27.00 to $11.00 and set an “outperform” rating for the company in a report on Tuesday, July 28th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $20.67.

Fermi Trading Down 3.8%

The stock’s 50 day moving average is $4.64 and its 200-day moving average is $5.88. The company has a market cap of $1.64 billion and a P/E ratio of -2.16.

Fermi (NASDAQ:FRMI) last released its quarterly earnings data on Thursday, August 13th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. During the same quarter in the prior year, the business earned ($0.02) EPS. As a group, sell-side analysts forecast that Fermi Inc. will post -0.33 EPS for the current year.

Institutional Investors Weigh In On Fermi

Institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Fermi during the second quarter valued at approximately $38,499,000. BlueCrest Capital Management Ltd bought a new position in Fermi in the 2nd quarter valued at approximately $33,276,000. Alyeska Investment Group L.P. boosted its stake in Fermi by 82.4% during the 2nd quarter. Alyeska Investment Group L.P. now owns 2,886,836 shares of the company’s stock valued at $26,443,000 after purchasing an additional 1,303,979 shares during the last quarter. Ratan Capital Management LP purchased a new stake in Fermi during the 2nd quarter valued at $19,774,000. Finally, Bank of America Corp DE purchased a new stake in Fermi during the 2nd quarter valued at $17,859,000.

Fermi Company Profile

Fermi, Inc (NASDAQ: FRMI) is an energy and infrastructure company focused on developing large-scale power and data center facilities for artificial intelligence and other high-performance computing applications. Its business model centers on integrating electricity generation, energy storage and data center infrastructure within a single campus.

The company’s principal development is Project Matador, a planned energy and data center campus in the Texas Panhandle. The project is designed to use a mix of power sources, including nuclear energy, natural gas, solar generation and battery storage, with the goal of providing reliable electricity for data center customers.

Fermi’s activities are currently concentrated in the United States, particularly Texas.